Global Shares Fund

Overview and Investment Objectives

Date:  Thur 16, November, 2017   |   Price:   2.7344

In 2007, JMIS Limited established a 100% owned funds management subsidiary which is now called Clarity Funds Management Limited and offers six investment funds.  The investment management expertise of the JMIS team is also used to manage funds offered to our clients through Clarity.
Clarity has the ability to appoint external investment managers or advisers.

The objective of the Clarity Global Shares Fund is to achieve returns over the medium-term (at least a period of five years) by investing in a portfolio of well-diversified securities listed on sharemarkets around the world.  These assets may include listed equities, exchange traded funds, currency positions and cash.  Clarity will work with competent global investment managers to manage this Fund.

We use the MSCI All Country World ex-Tobacco Index (net dividends reinvested), measured in NZ dollars, 50% hedged to NZ dollars to measure relative performance (net of fees and expenses).   The focus is to generate a return that exceeds the benchmark index.  The Fund is actively managed, which means the holdings may differ considerably from the relevant benchmark index. It has a value focus with low tracking error to the index. 

Clarity has appointed Boston based global investment manager MFS Investment Management (MFS Boston) as the investment manager for the Clarity Global Share Fund.   MFS will construct the portfolio in consultation with us and in accordance with the Fund’s objectives.  The Fund’s custodian will hold all the assets managed by our external managers.

MFS Boston, which began in 1924 as Massachusetts Investment Trust started America’s first mutual fund.  Our investment mandate combines MFS fundamental and quantitative research, focusing on high quality, large-cap global companies selling at reasonable valuations with an unrecognised catalyst.

This Fund may be suitable for those investors who are comfortable with a higher risk in the short-term for improved longer term returns.  

The target asset allocation ranges shown below are the expected average asset mix of the Fund over the long term.  The Fund will be managed within the following given ranges.

Asset Sector Target
Asset
Allocation %
Range %

Cash and cash equivalents

   Including short-term securities and deposits

3 0 - 20

New Zealand Equities

   Any company listed on the NZX Stock Exchange

0 0 - 10

Australian Equities

   Any company listed on the Australian Stock Exchange

0 0 - 10

International Equities

   Any company listed on any other recognised Stock Exchange

97 0 - 100

Listed Property

   Any property company listed on the NZX Stock Exchange or Australian Stock Exchange

0 0 - 10

Other Assets

   Via exchange traded fund(s) (ETF) and currency hedging

   An ETF is a marketable security that tracks published market indices

0 0 - 5
  100  

The Clarity Global Shares Fund is typically fully invested in equity securities, either directly or via investment in other funds. Securities of companies which are traded or due to be listed on international stock exchanges may be considered for inclusion in the Fund.

When we invest in international assets denominated in foreign currencies, we generally enter into foreign exchange contracts to reduce or increase the Fund’s exposure to the New Zealand dollar.  We do not make any cash distributions from the Clarity Global Shares Fund.  

Clarity Funds Management Limited is the issuer and manager of the Clarity Global Shares Fund.  We work together with Public Trust, our Supervisor, to act in the best interest of investors.

Clarity Global Shares Fund application money and investments are held by the Supervisor or their appointed custodian. The Fund has an independent registrar and an administrator who sets the daily price.  The Fund is audited annually.

The Clarity Global Shares Fund is governed by the Trust Deed dated 5 September 2016 and the Establishment Deed dated 15 March 2017. The Fund is established within a registered managed investment scheme under the Financial Markets Conduct Act 2013 (FMC Act), scheme number SCH10600 (Scheme). The operation of the Scheme is governed by the FMC Act.

You can download a copy of the Product Disclosure Statement and Fund Update below for more detailed information about the Clarity Global Shares Fund and for the Fund application.

You can review a copy of the Trust Deed, Product Disclosure Statement and other important Scheme documents at any time by either contacting us or electronically on the Scheme's register on www.business.govt.nz/disclose.

Quarterly Fund Update | Fund Commentary |  Product Disclosure Statement |   Other Material Information  |  Application Form  |  

 

Quarterly Fund Update

This update provides you with information about the Fund including its performance and investment mix.

Quarterly Fund Update